deficit shall be paid off by the obligor.

Article 222 The pledger and the pledgee may, upon negotiation, set up the pledge right of maximum amount.

The pledge right of maximum amount shall be governed by, in addition to the related provisions in this Section, the provisions on mortgage right at maximum amount prescribed in Section 2 of Chapter XVI of the present Law by reference.

Section 2 Right Pledge

Article 223 Pledge may be established on any of the following rights which an obligor or third party has the right to dispose of:

(1) Money orders, checks, and cashier's checks;

(2) Bonds and deposit receipts;

(3) Warehouse receipts and bills of lading;

(4) Transferable fund units and stock rights;

(5) Such transferable property rights in intellectual property as exclusive trademark rights, patent rights, copyrights, etc.;

(6) Accounts receivable; or

(7) Other property rights that can be pledged as prescribed by any law or administrative regulation.

Article 224 The parties concerned shall conclude a written contract for the pledge of a money order, check, cashier's check, bond, deposit receipt, warehouse receipt or bill of lading. The pledge right shall be established at the delivery of the right certificate to the pledgee. In case there is no right certificate, the pledge right shall be established after the related department has handled the registration of the pledge.

Article 225 The pledgee may make redemption or pick up the goods, and may, by negotiating with the pledger, seek preferred payments in advance with the redeemed money or the picked up goods, or submit the said money or goods to a competent authority for keeping,in case the date of redemption or delivery of the money order, check, cashier's check, bond, deposit receipt, warehouse receipt or bill of lading is prior to the deadline of principal obligee's rights.

Article 226 The parties concerned shall enter into a written contract for the pledge of fund units or stock rights. As regards the pledge of fund units or the stock rights that are registered in the securities depository and clearing institution, the pledge right shall be established when the securities depository and clearing institution has handled the registration of the pledge. As regards the pledge of other stock rights, the pledge right shall be established when the administrations for industry and commerce has handled the registration of the pledge.

After the fund units or stock rights have been pledged, unless it is otherwise agreed by the pledger and the pledgee upon negotiations, they may not be alienated. As regards the money generated from the transfer of fund units or stock rights, the pledger shall fulfill the obligee's rights to the pledgee in advance with it, or submit it to a competent authority for keeping.

Article 227 As regards the pledge of such property rights in the intellectual property as registered trademark rights, patent rights, copyrights, etc., the parties concerned shall enter into a written contract, and the pledge right shall be established when the related competent authority has handled the registration of the pledge.

After the property rights in the intellectual property have been pledged, unless it is otherwise agreed by the pledger and the pledgee upon negotiations, the pledger may not alienate the pledge or permit anyone else to use it. As regards the money generated from the alienation of the pledged intellectual property or the permission of anyone else to use it, the pledger shall use it to fulfill the obligee's rights in advance, or submit it to a competent authority for keeping.

Article 228 As regards the pledge of accounts receivable, the parties concerned shall enter into a written contract, and the pledge right shall be established when the related credit rating institution has handled the registration of the pledge.

After the accounts receivable have been pledged, unless it is otherwise agreed by the pledger and the pledgee upon negotiations, the pledger may not alienate the pledged accounts receivable. As regards money generated from the alienation of accounts receivable, the pledger shall use it to fulfill the obligee's rights in advance, or submit it to a competent authority for keeping.

Article 229 The pledge of rights shall be governed by, in addition to the provisions prescribed in this Section, the provisions in Section 1 of this Chapter on the pledge of chattels.

Chapter XVIII Lien

Article 230 Where an obligor fails to pay off its due debts, the obligee may take lien of the chattels that are owned by the obligor and lawfully occupied by the obligee,